The price of cooking gas is likely to fall further next month, after being cut by 4 percent Monday.
The retail price of a 12-kilogram cylinder of liquefied petroleum gas (LPG) was Monday cut by VND10,000 (US$0.60) to VND243,000 ($14.43).
LPG companies said next month the retail price for a 12-kilogram cylinder may fall by as much as VND40,000 ($2.37).
Analysts have forecast world LPG prices to drop by $250 per ton in November from about $800 per ton this month.
Do Trung Thanh, deputy sales manager of Saigon Petro, said Monday’s price cut was designed to clear stockpiles and retain customers who may be considering switching to electric cookers. Last week, consumers complained that domestic LPG prices were being kept artificially high.
Until Monday’s price cut, the retail price of LPG in Vietnam had not changed for more than a month even though the price of oil and oil-based products on international markets had dropped substantially.
The Vietnam Standard and Consumer Association has asked the Ministry of Finance and the Ministry of Industry and Trade for permission to conduct an investigation into the domestic LPG market, Tuoi Tre newspaper reported on Friday. (ThanhNien)
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